Eaton Co. plc (NYSE:ETN) Shares Sold by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury lessened its holdings in Eaton Co. plc (NYSE:ETN - Free Report) by 4.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 137,168 shares of the industrial products company's stock after selling 6,137 shares during the period. State of Tennessee Department of Treasury's holdings in Eaton were worth $45,522,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton during the fourth quarter worth about $27,000. Noble Wealth Management PBC purchased a new position in shares of Eaton during the fourth quarter valued at approximately $30,000. Horizon Bancorp Inc. IN boosted its position in Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company's stock worth $32,000 after acquiring an additional 74 shares during the last quarter. Morse Asset Management Inc purchased a new stake in Eaton in the 3rd quarter worth approximately $33,000. Finally, Murphy & Mullick Capital Management Corp acquired a new position in Eaton in the 4th quarter valued at $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ETN has been the topic of several analyst reports. StockNews.com cut Eaton from a "buy" rating to a "hold" rating in a report on Tuesday. JPMorgan Chase & Co. decreased their price target on Eaton from $350.00 to $289.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. KeyCorp dropped their price objective on shares of Eaton from $340.00 to $325.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Evercore ISI lowered their target price on shares of Eaton from $382.00 to $326.00 and set an "in-line" rating for the company in a report on Wednesday, February 19th. Finally, Royal Bank of Canada decreased their price target on shares of Eaton from $405.00 to $376.00 and set an "outperform" rating on the stock in a report on Thursday, March 6th. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $350.22.

Eaton Stock Up 0.7 %

Shares of NYSE ETN traded up $1.89 on Friday, hitting $288.91. The company had a trading volume of 2,177,225 shares, compared to its average volume of 2,628,252. The firm has a market capitalization of $113.19 billion, a P/E ratio of 30.41, a PEG ratio of 2.64 and a beta of 1.09. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99. The business has a 50 day moving average of $282.03 and a two-hundred day moving average of $323.63.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, topping analysts' consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the previous year, the company earned $2.55 EPS. As a group, equities research analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date is Monday, May 5th. Eaton's payout ratio is 43.79%.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.